Get documents about "Repurchase Shares. - ASML HOLDING NV - 3-8-2012
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UBS Technology Conference 2012
London
Franki D’Hoore, Director Investor Relations
March 8, 2012
Safe Harbor
"Safe Harbor" Statement under the US Private Securities Litigation Refor
the matters discussed in this document may include forward-looking state
including statements made about our outlook, realization of systems backl
demand, financial results, average selling price, gross margin and expens
policy and intention to repurchase shares.
These forward looking statements are subject to risks and uncertainties i
not limited to: economic conditions, product demand and semiconductor e
industry capacity, worldwide demand and manufacturing capacity utilizatio
semiconductors (the principal product of our customer base), including th
general economic conditions on consumer confidence and demand for our
products, competitive products and pricing, the impact of manufacturing e
and capacity constraints, the continuing success of technology advances
related pace of new product development and customer acceptance of n
our ability to enforce patents and protect intellectual property rights, the r
intellectual property litigation, availability of raw materials and critical man
equipment, trade environment, changes in exchange rates, available cash
reserves for dividend payments and share repurchases, and other risks in
risk factors included in ASML’s Annual Report on Form 20-F and other fili
US Securities and Exchange Commission.
/ Slide 2
Agenda
• Business summary
• Outlook
• ASML technology strategy
/ Slide 3
Business summary
/ Slide 4
Total net sales M€
6,000
5,
5,000 1,
4,508
4,000 3,768
3,582 1,521 1,
955
1,053 2,954
3,000
494
934 1,176
697 1,
2,000 958
1,596
930 844 581 1,069
1,000 942
555 1,
949 919 277 742
629
183
0
2006 2007 2008 2009 2010 2
Numbers have been rounded for readers’ convenience.
/ Slide 5
Key financial trends 2010 – 2011
Consolidated statements of operations M€
Q4 10 Q1 11 Q2 11 Q
Net Sales 1,521 1,452 1,529 1,
Gross profit 685 649 690
Gross margin % 45.0% 44.7% 45.1% 42
R&D costs 141 145 145
SG&A costs 50 54 51
Income from operations 494 450 494
Operating income % 32.4% 31.0% 32.3% 27
Net income 407 395 432
Net income as a % of net sales 26.7% 27.2% 28.3% 24
Units sold 69 63 63
ASP new systems 22.4 22.5 22.7
Net bookings value 2,315 845 840
Numbers have been rounded for readers’ convenience.
/ Slide 6
Backlog in value per Dec 31, 2011
Total value M€ 1,733
New
Technology syste
Units 61
KrF 29% 1,70
Value M€
I-Line 2% ASP M€ 27.9
ArF dry 5%
ArF immersion 64%
Japan 8%
Singapo
USA 28% Eur
End-use
Foundry 50%
Ch
IDM 23%
Taiwan 14%
Korea 30%
NAND 16%
DRAM 11%
• 75% of backlog carry shipment dates in the next 6
Numbers have been rounded for readers’ convenience.
/ Slide 7
Cash return to shareholders
• ASML proposes to increase dividend by 15% to € 0.
ordinary share
• ASML increases the existing 1 billion share buyba
€ 1,130 million enabling maximum use of available
tax-exempt allowance in 2012
• In 2012 ASML also intends to purchase up to 2.2
for the purpose of covering outstanding employee
option plans. These shares will be held as treasur
/ Slide 8
ASML has returned nearly € 3.3 billion
the past 6 years
3500 Cumulative Cash Return 2006-2011
3000
2500
2000
1500
1000
500
0
2006 2007 2008 2009 2010
• Repurchased more than 143 million shares since 2006
representing approx. 30% of outstanding shares
/ Slide 9
Outlook Q1 2011
/ Slide 10
Q1 Outlook
• Net sales around € 1.2 billion
• Bookings expected above Q4 2011 level (was €
• Gross margin about 43%
• R&D costs at € 145 million
• SG&A costs at € 54 million
ASML expects H1 2012 net sales of about €
/ Slide 11
ASML technology strat
/ Slide 12
Dual product development strategy con
Evolving high productivity NXT Preparing EUV pl
platform optimized for multi volume manufact
pass patterning processes critical layers
Concurrent development programs to enhance imagi
productivity and process control on both platf
/ Slide 13
Q4 immersion platform highlights
• Recognized 101 immersion tools
in 2011 of which 78 were
TWINSCAN NXT:1950i, our most
advanced production systems
• Overlay accuracy of NXT:1950i
improved by 30% on product
wafers
• Multiple NXT:1950i systems
printed more than 4000 wafers in
a single day in customer’s fab
/ Slide 14
EUV has arrived worldwide in Fabs
System 1
Exposing wafers for
device development
System 2
Exposing wafers for
device development
System 3:
Exposing wafers for System 6:
device development Exposing wafers for
system qualification
/ Slide 15
Customer roadmaps indicate shrinks to <
2011 - 2012 2013 - 2014 2015 - 2016
22 - 20nm 16 - 14nm 11 - 10nm
Memory: 0.08um2, SRAM Memory: 0.05um2 SRAM Memory: 0.03um2 SRAM
Device: planar or FinFET Device: FinFET, FDSOI Device: FinFET
38 - 32nm 27 - 22nm Node: 22 -16nm
Memory: stacked MIM Memory: stacked MIM Memory: stacked MIM
Array: 6F2, bWL Array: 6F2, bWL Array: 4F2, bBL, LBL,
1T1C(VFET)
24 - 19nm hp 16 - 14nm hp 13 - 11nm hp
4.5F - 6F2 asymm. cell 6F2 asymmetric cell 7F2 asymmetric cell
Density: 64 - 128G 4F2 symmetric cell 4F2 symmetric cell BICS SONOS)
Bit Line
Source
Device: FG ONO or
High-k
CG Density: 256 - 512G Density: 512 - 1024G SG
FG
WL
FG
Device: dual - FG Device:: dual - FG,
STI
I ntro toBiCS,
Slide 16 |
Source: ASML & IMEC
ASML roadmaps support shrink to <10nm with ArF immersi
EUV insertion will vary by sector
2011 - 2012 2013 - 2014 2015 - 2016 2
22 - 20nm 16 - 14nm 11 - 10nm 8-7
ArFi: SE, LELE SE, SPT, 3xLE SE, 4xLE, SPT, dbl.S
EUV
38 - 32nm 27 - 22nm 22 - 16nm 16 -
ArFi: SE, DE, LELE, SPT dbl.SPT + Trim
EUV
24 - 19nm hp 16 - 14nm hp 13 - 11nm hp < 10
ArFi: SE, SPT dbl.SPT
EUV
Slide 17 |
Source: ASML & IMEC, 2011
EUV introduction by customers will be
• The low 2x nm technology nodes might introduce
for critical layers
• Timeline 2013 - 2014
• The mid 1x nm technology nodes will introduce E
critical layers
• Timeline 2015 and beyond
• Immersion will continue to be used for critical layer
imaging in double patterning mode or for mid-criti
layers in single patterning mode
/ Slide 18
ASML Immersion Product Roadmap
NXT:1950i provides performance extendibility until EUV
TWINSCAN NXT
Upgradeability
2011 Extensions 2012 E
Matched Machine Overlay 5.5nm 4.5nm
On Product Overlay 9nm 6nm
CDU 3nm 1.5nm
Total focus control budget 110nm 90nm
Throughput (96 shots) 190 WPH 230 WPH
Defects (ASML test) 10 defects/Wafer 10 defects/Wafer
*
Slide 19 |
Shrink drives more exposures and greate
system requirements
32/28nm Logic 22/20nm Lo
ArFi ArF KrF KrF I-Line ArFi ArF KrF
ArFi ArF KrF KrF I-Line ArFi ArF KrF
ArFi ArF KrF KrF ArFi ArFi KrF
ArFi KrF KrF ArFi ArFi KrF
ArFi KrF KrF ArFi ArFi KrF
ArFi KrF ArFi ArFi
8% la
ArFi ArFi ArFi
37%
ArFi ArFi ArFi
ArFi ArFi ArFi
ArFi ArFi ArFi ArFi
37 litho layers (14 Critical – 23 nonCritical) 40 litho layers (19 Critical – 21 non
38 litho exposures (13 SE, 1 LELE, 23 nonCritical) 52 litho exposures (8 SE, 10 LELE,
45k wafers/month
All scenarios are based on “typical” process using 2012 system
productivity levels . Customers process and wafer start
requirements will vary.
Slide 20 |
EUV simplifies process (and reduces cos
LELE relative to EUV
Process steps x2
Cycle time x2 Process ste
Additional costs < 10% Cycle time
Additional c
QPT rela
Process steps
Cycle time
Additional costs
Litho Etch Single Double
EUV
Litho Etch Spacer Spacer
Data is based on Customer interaction
Slide 21 |
NXE technology roadmap has great exte
first illumination optimization, then NA increase
On site / in integration In system definition
Resolution [nm] 32 27 22 18 16 13 1
wavelength [nm] 13.5
D
NA 0.25 0.33
0.45
coherence =0.5 =0.8 =0.2-0.9 Flex-OAI Extended
reduced p
TIME
Slide 22 |
NXE:3100 imaging performance proven
various customer applications
16nm dense lines 27 nm Gate Layer Flash stagge
Flash Bitline pitch
CH pitc
Sub 16 nm node Sub 16 nm node 30 nm Bri
SRAM Contact Hole SRAM metal-1
0.038µm2 bit cell-size, 0.038µm2 bit cell-size,
hp 30/32 nm hp 30/32 nm
Source: ASML
Slide 23 |
The NXE:3100 has exposed more than 5,3
…and is enabling device development at customer sites
Slide 24 |
Building for volume production: new cl
cabins available
New EUV factory at ASML for ~3x capacity increase
Existing EUV offices &
manufacturing, 8 cabins.
New EUV offices &
manufacturing,15 cabins.
Two cabin
Slide 25 |
Summary and conclusions: EUV….here
Imaging and Overlay performance of NXE: 3100
good, and supports current customer device and
development for 2xnm node
NXE:3300B scheduled to ship to customers later
EUV delivers:
Single exposure shrink, fewer design restrictions, l
complexity, less fab space
and is extendable for many nodes to come
ASML has made industrialization commitment of t
and system stability
Slide 26 |
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